How to ensure your payment security?

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• How to ensure your payment security?

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How to ensure your payment security?
Proposing multiple ways to pay medical expenses
is a proven strategy for medical billing and
coding services to help providers and their
clients engage patients in the payment process
and improve patient collections. As payment
accountability increases, they bring expectations
from their consumer experiences and demand new
ways to pay their healthcare bills. To meet these
customer demands, billing services can expand
payment channels and include online/digital
payments, and plans. But, if not properly
managed, these payment channels can significantly
increase the risk for a data breach for billing
agencies and their provider clients. Billing
services that are at risk of a data breach face
serious repercussions that can impact client
trust and ultimately future revenue. By using
industry-proven best practices and secure payment
technology, physicians can greatly reduce
security risks to payment data and ensure
sensitive information is protected. Here are
three opportunities to safeguard payment security
of your healthcare billing. Online, Digital and
Mobile Payments According to InstaMed trends
Healthcare Payments Annual Report, a whopping 93
percent of patients are willing to pay their
hospital bills online.
Medical Billing Services in Oregon
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How to ensure your payment security?
The most secure way to deliver this payment
option is to look for an embedded solution.
Embedded payment solutions allow medical billers
to securely collect payments online and from
mobile devices and apps without credit card data
passing through their networks. Some healthcare
facilities and outpatient physicians may hesitate
to offer mobile payment options as they have
reservations about the level of security.
However, mobile payment options are among the
most secure channels available. For example, when
a patient uses Apple Pay, the credit card data is
encrypted and stored directly on the phone and is
never passed to the merchant or Apple. Automatic
Payment Plans As payment accountability
increases, many billing organizations have
started offering payment plans to allow patients
to pay down large balances over time. But,
payment plans can create a risk of an information
breach if the billing department uses paper-based
or manual processes to manage these recurring
payments, like writing down payment information
on paper that any staff member can access.
Medical Billing Services in Oregon
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How to ensure your payment security?
In its place, a billing service can securely save
payment information on file by using technology
that encrypts that documents as soon as it is
entered, which significantly reduces the risk of
payment data being stolen. Then the billing
personnel can automate the collection of payment
responsibly as the payment method is securely
saved on file. Point of Service (POS) A large
number of healthcare billers support providers
who collect payment at the point of service.
Billing companies can offer the highest level of
security to this segment of clients with POS
devices that are EMV-capable and provide point to
point encryption (P2PE). As a healthcare
industry professional you must be aware of EMV
which stands for Europay, MasterCard and Visa. It
is a global standard for authenticating payment
card transactions with integrated circuit cards,
or chip cards, at capable point-of-sale
terminals. EMV authenticates in card-present,
face-to-face transactions that a card is valid
and not created with stolen card data. The chip
on the card generates an active piece of data
that speaks to the card issuer during a
transaction, enabling the issuer to recognize the
card, authenticating it.
Medical Billing Services in Oregon